Oilex Drills Ahead at Lolotoe-1 in Timor Sea

Oilex has advised that the Lolotoe-1 well spudded on December 17, 2009. On December 23, 2009, the well was at a depth of 2,496 meters preparing to cement 13 3/8" casing. The Lolotoe-1 well is the second well of a 2 well program in the Timor Sea contract area JPDA 06-103.

Drilled by the Songa Mercur semisub, the Lolotoe prospect is a robust 3 way dip faulted anticline having about 300 meters of vertical relief. The well is targeting a mean prospective oil resource of 90 million barrels (100% basis) in the primary objective Elang/Plover formations. The water depth at the proposed well location is 105 meters.

The reservoir objectives penetrated in the Lolotoe-1 well will be evaluated by a full suite of data including mud log, real time drilling data and wire line logs after the well reaches total depth to determine presence of hydrocarbons. The well design does not include drill stem tests and will be plugged and abandoned when the evaluation is concluded

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